American Tower, Cummins, Mosaic and Peabody Energy, do business in India, touted as a hot developing market until fairly recently and now dealing with galloping inflation and a widening current account deficit.

"If you watch currencies fall 10, 15, 20 percent and are looking at strategic investment that you were planning to build up manufacturing domestically over the next two to three years, you're actually going to increase that investment today because you just got a haircut of 20 percent," Madigan said.

While investors may argue over the fate of emerging market stocks, they agree on one thing: Expect further volatility to continue as these countries assess what type of structural reform is needed to solve their problems.